Definitions for "Locking in"
Choosing to protect a particular rate and program for a specific period of time.
Rates and costs change daily (sometimes more often). You may select a rate at a given cost at any time during the loan process, from before your application to when your transaction is submitted to the title company for sign-off. This is called locking your rate. Once locked, the lender cannot change the rate, and neither can you.
"Locking in" a rate means that the lender guarantees you will get the rate being advertised if your loan is approved within the lock-in period. Rates may be locked in at the time of application, at the time of loan approval, or at the time of settlement.
The term often used in referring to when pension contributions cannot be withdrawn or forfeited on termination of employment if the employee is vested.